Nervous and discouraged

5 Replies

So hello I’m Metta I’m 37. I have BBA. I also spent almost 7 years in prison for defending myself. I hope you don’t judge me. I’m here for financial advice. I’m a law abiding citizen. Only been home since last January. My fiancée and I are buying a home for ourselves only her name for the FHA loan because I do not have a two year work history. My goal has been to buy multi family properties. I’m discouraged on how I can get my first one as far as financing goes.... I have a great credit score but no money right now because it’s hard to get a job with a felony. Even if you were defending yourself and it’s over ten years old. Very discouraging. I felt like I needed a real job to get the money to finance my real goals. My first duplex. So I can build my empire and be financially independent. Starting from scratch at 37 is hard. Now idk what to do I def want to do the real estate thing but I don’t have the income history or the money at the moment to close. What do I do? I want to support my family and be comfortable and happy. Thanks

You're going to hate this, and it is going to sound like stuff you already know. Everything works on relationships. Find your local real estate investment group and go to listen. Talk to people to find out what they need, and see how you might be able to meet their needs. You can learn a lot which will help you toward your goals if you spend time with people who are already doing what you want to do.

Thank you for your honesty. You paid for your crime and you should not be chained to a life sentence because of it. And I sense you are not the type that will waste anyone's time when sharing your strengths and weaknesses. Unfortunately the world ( at least here in the USA) is no longer a place where the one's with the money will lend to those that really need it based on the strength of personality and ethical standards. That being said, any family/friend/associate willing to capitalize on your hard-work and dedication contributions with them bringing funds to the table? If so, make sure you get a small yearly ownership percentage for your contribution (i.e.: finding the deal, manage the property, maintain the property, buying equity over time, etc). LLC's work very well for these type of set ups and transfer of ownership percentages. Get connected to anyone and everyone in real estate that is willing to start a relationship. If nothing more than you putting yourself out there as available to participate in the areas I mentioned above. You can do it and it may take a few years to get "that first one" but don't despair. The best investors will always listen to the particulars of a "good deal". Find a deal and go sell it!!

Thank you Amanda and Sam for your advice. I greatly appreciate it

I know a few folks who have done time in prison for serious felonies. I work in construction and it's a fairly common scenario.... That being said, guys get hired all the time who have bad histories and some work out and some don't. I wouldn't hand keys and alarm codes over in the first few months but if a guy shows up on time and sober and puts in an honest days work I'll give him a raise and responsibility no matter what his history. Show up high, late or hanging around sketchy people and you're gone. What matters is the present to me, people make mistakes. so go get a job as a laborer, show up in person and look the foreman in the eye. Big bonus there is you get to learn all about what it takes to build and renovate which is a huge part of real estate.

Metta,

I'm not going to pretend I know what you are going through. I too am appalled at the increasing inability to get a second chance in the USA, a country founded,  developed and built on second chances. 

My suggestion is to stop looking for a "real" job and start creating your own.  You've got a BBA, so put it to use. Start online blogging,  start creating your own business.  Buy a business with owner financing.  Master lease a property.  Do property management.  See if you can get licensed as a real estate agent from your state. Some of this won't work. Some of it will. 

Also, I would keep the fact that you are a ex-felon out of the discussion unless it's necessary. I can imagine it's a huge part of your life. I'm going to say that was a part of your former life. To move forward, to become the person you want to become for yourself and your wife, you have to find a way to cleave that identity/label from your being.

This will be your biggest challenge. When you accomplish this, Real Estate will be child's play. If you want to be successful change your mind set about who and what you are/were. 

In case it's not clear from my post,  I admire your honesty,  directness and self reflection. I think you can be successful, and accomplish your goals. My opinion is a revision of mindset might be the best place to start. 

Hope that helps.

Good luck, 

Jim 

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